Monthly Shareholders Report

BH Macro Limited
22 February 2008




To:         RNS
From:       BH Macro
Headline:   Monthly Update
Date:       22 February 2008



BH Macro Limited


BH Macro Limited ('BHML'), which is a feeder fund investing in the Brevan Howard
Master Fund Limited ('BHMF'), has been supplied by Brevan Howard Asset
Management LLP ('BHAM') with the information regarding BHMF's December 2007
performance and outlook. This information has been included in the following
BHML shareholder report.


http://www.rns-pdf.londonstockexchange.com/rns/6138o_-2008-2-22.pdf


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Important Information

The material relating to BHML, BHMF and other feeder funds investing in BHMF
included in this announcement and its linked content has been prepared by BHAM
and is provided for information purposes and does not constitute an invitation
or offer to subscribe for or purchase any of the products or services mentioned.
The material provided is not intended to provide a sufficient basis on which to
make an investment decision. Information and opinions presented in the material
relating to BHML, BHMF and other feeder funds investing in BHMF have been
obtained or derived from sources believed by BHAM to be reliable, but BHAM makes
no representation as to their accuracy or completeness.

Estimated results, performance or achievements may materially differ from any
actual results, performance or achievements. Except as required by applicable
law, BHML and BHAM expressly disclaim any obligations to update or revise such
estimates to reflect any change in expectations, new information, subsequent
events or otherwise.

This document is for information purposes only and is not an offer to invest.
All investments are subject to risk. Past performance is no guarantee of future
returns. Prospective investors are advised to seek expert legal, financial, tax
and other professional advice before making any investment decisions. BHAM is
authorised and regulated by the Financial Services Authority.




All Enquiries:

Northern Trust International Fund Administration Services (Guernsey) Limited

Eleanor Fitzgerald 44 (0)1481 745442




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